Specific Limits. For Payment Orders that are subject to Article 4A of the UCC, Bank is liable only for damages required to be paid under Article 4A or the Fedwire Regulations, as applicable, except as otherwise agreed in this Agreement, provided that Client has otherwise complied with any duties imposed on Client under these General Terms or any applicable Service Terms & Conditions (which includes the Wire Transfer Service Terms & Conditions). For all Payment Orders and Entries not subject to Article 4A, and for all other obligations under Bank’s ACH Origination Service, Bank’s liability is limited to actual damages, resulting directly from Bank’s gross negligence, willful misconduct or bad faith or Bank’s failure to exercise reasonable care, not exceeding the following, as applicable: (i) in case of an excessive debit to Client’s Account, the amount of the excess plus compensation equivalent to interest from the date of the excessive debit to the date of the refund; (ii) in case of payment to an account not specified by Client, the amount of the payment plus compensation equivalent to interest from the date of the payment to the date of the refund; (iii) in case of any delay in crediting a Debit Entry to Client’s Account, the amount of compensation equivalent to interest for the period of delay; or (iv) in all other cases, the damages specified in subsection (c) below. If Bank fails to credit an Account utilized in connection with any Service in accordance with the Service Terms & Conditions, as of the date such credit was earned, upon discovery or notification of such error, Bank will properly credit such Account, but Bank shall not incur any liability therefore except as otherwise provided herein or in the Service Terms & Conditions. Client must use Bank may place limitations on any Service based on its risk management procedures, and it may consider the creditworthiness of, and its experience and transactions with, Client for that purpose. Such limits may be changed by Bank in its sole discretion from time to time. Bank will notify Client of the applicable limits.
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Specific Limits. For Payment Orders that are subject to Article 4A of the UCC, Bank is liable only for damages required to be paid under Article 4A or the Fedwire Regulations, as applicable, except as otherwise agreed in this Agreement, provided that Client has otherwise complied with any duties imposed on Client under these General Terms or any applicable Service Terms & Conditions (which includes the Wire Transfer Service Terms & Conditions). For all Payment Orders and Entries not subject to Article 4A, and for all other obligations under Bank’s ACH Origination Service, Bank’s liability is limited to actual damages, resulting directly from Bank’s gross negligence, willful misconduct or bad faith or Bank’s failure to exercise reasonable care, not exceeding the following, as applicable: (i) in case of an excessive debit to Client’s Account, the amount of the excess plus compensation equivalent to interest from the date of the excessive debit to the date of the refund; (ii) in case of payment to an account not specified by Client, the amount of the payment plus compensation equivalent to interest from the date of the payment to the date of the refund; (iii) in case of any delay in crediting a Debit Entry to Client’s Account, the amount of compensation equivalent to interest for the period of delay; or (iv) in all other cases, the damages specified in subsection (c) below. If Bank fails to credit an Account utilized in connection with any Service in accordance with the Service Terms & Conditions, as of the date such credit was earned, upon discovery or notification of such error, Bank will properly credit such Account, but Bank shall not incur any liability therefore except as otherwise provided herein or in the Service Terms & Conditions. Client must use reasonable efforts to assist Bank in recovering the amount of any overpayment for which Bank is liable. If Bank is obligated to pay interest compensation, Bank’s liability for loss of interest resulting from its error or delay shall be calculated by using a rate equal to the average Federal Funds rate at the Federal Reserve Bank of New York for the period and amount in question, for a period not to exceed thirty (30) days from the date Client was provided notice of the transaction claimed to be in error, provided that Bank’s investigation confirms that Bank’s gross negligence, willful misconduct or bad faith was the proximate cause of such error. At Bank’s option, payment of such interest may place limitations on any Service based on its risk management proceduresbe made by crediting the Account. If Client transmits a Payment Order to Bank by way of a funds-transfer system or other third-party communications system not specifically required by Bank, and it may consider the creditworthiness of, and its experience and transactions with, Client system is deemed to be Client’s agent for that purpose. Such limits may be changed by Bank in its sole discretion from time is not liable to time. Bank will notify Client of for any discrepancy between the applicable limits.terms Client transmits to such system and the terms it then transmits to Bank.
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